Blockchain technology in healthcare can transform healthcare by putting the patient first. Blockchain can connect the fragmented systems to generate insights and better assess the value of care. Organizations are investing in research and POCs. Gartner estimates that 20% of healthcare payers and providers will have healthcare use cases. The business value of Blockchain technology is expected to exceed $176 billion in 2025 and $3.1 trillion in 2030.
A system powered by Blockchain can simplify data acquisition dramatically. The user can upload their data directly into the system and grant permission for an individual to use it if the data was purchased through the system. It also ensures fair tracking of data usage.
Here are some examples of how Blockchain is making a difference in the healthcare sector:
Health Records One of the problems with the current health system is that patient records are scattered throughout the various designs. Blockchain is reliable and exciting because it makes tracking a patient’s health records scattered across different systems easy. It also can hold fragmented forms. Blockchain is the standard for healthcare interoperability.
Data security: The Blockchain’s distributed nature allows a wide range of providers to rely on data protection without exposing patient/consumer information.
Revenue cycle, reconciliation & fraud: Due to the complexity of today’s healthcare system, millions of dollars are spent each year trying to determine which patient received which service from which provider. Blockchain technology could be used to create a tracking system with high integrity that updates in an almost instantaneous fashion. This would result in reduced errors (both financial and patient-care benefits), a substantial reduction of fraud, and fewer administrative costs.
Cross Partner System Network Contract and Performance Management: Blockchain architecture optimizes the network among partner systems to help healthcare organizations scale.
While adopting Blockchain in their organization, healthcare CIOs should consider several factors, including their business model, regulatory requirements and processes, suitability to their business needs, how far they are willing to implement Blockchain, and more.
When considering blockchain adoption, the most common questions that healthcare CIOs ask are:
How much do I rely upon Blockchain?
How easy will it be to implement Blockchain if I have healthcare data that is widely distributed?
How can Blockchain be adopted in an organization?
What are the most relevant use cases for my organization?
What level of architectural change will I require if I implement Blockchain?
What is the best way to use it?
What is the best way to protect my data?
To address these challenges, we have adopted several mitigation strategies. One of them was the use of consortium blockchain. This is where a particular protocol for accessing data was implemented. It allowed us more control over who should receive information. We believe that Blockchain, with its capabilities and our experience in the healthcare sector, has the potential to be a key innovation.